CBRE Acquisition — Altus Power — Q1 2024 Earnings Presentation
19 slides from CBRE Acquisition's earnings presentation, May 10, 2024
Slide 1: First Quarter Earnings Presentation
May 9, 2024 First Quarter Earnings Presentation
Slide 2: Cautionary Statements And Risk Factors That May Affect Future Results
Cautionary Statements And Risk Factors That May Affect Future Results The following presentation for Altus Power, Inc. (“Altus Power” or the “Company”) has been prepared by Altus Power’s management. You should read the presentation together with our consolidated financial statements and related note
Slide 3: Inflection of US Electricity Demand
3500 3700 3900 4100 4300 4500 4700 4900 5100 5300 5500 US Electricity Consumption (Trillions of KWH) Inflection of US Electricity Demand 3 Benefits from Increased Pressure on Retail Rates 1 Reference to contracts with rates set at a fixed discount to prevailing utility rate 2EIA Data. 3 NERC Forecas
Slide 4: First Quarter Earnings Summary
First Quarter Earnings Summary 4 $29.4 $40.7 Q123 Q124 Operating Revenues ($MM) Net Income* Q124 $4.1 million Q123 $3.8 million $16.0 $19.7 Q123 Q124 Adjusted EBITDA1 ($MM) *GAAP Net Income figures include non-cash gain from remeasurement of alignment shares of $17.0M and $26.1M for 1Q23 and 1Q24, r
Slide 5: Altus Power Portfolio Comprises Megawatts Across States
Altus Power Portfolio Comprises 981 Megawatts Across 25 States1 5 1As of March 31, 2023 Recent Highlights • Closing of 84 megawatt Vitol portfolio in Northeast • Added ~4,000 Community Solar subscribers, total now over 24,000 • ~290 megawatts of assets to serve Community Solar customers State MWs %
Slide 6: Pipeline Review
6 Pipeline Review Altus Origination – Western US Colorado & California • Initial projects entering construction and pre-construction CBRE Investment Management Maryland • 14 megawatts now in construction and pre-construction • Expected to serve 2,000 Community Solar customers CBRE Customers Illinois
Slide 7: First Quarter Results
First Quarter Results 7 $29.4 $40.7 1Q 2023 1Q 2024 Revenue ($M) $16.0 $19.7 1Q 2023 1Q 2024 Adjusted EBITDA1 ($M) Net Income ($M)* *GAAP Net Income figures include non-cash (loss) and gain from remeasurement of alignment shares of $17.0M and $26.1M for 1Q 2023 and 1Q 2024, respectively. 1 Adjusted
Slide 8: ARR Update & 2024 Guidance
ARR1 Update & 2024 Guidance 8 1 ARR is an estimate that management uses to determine the expected annual revenue potential of our operating asset base at the end of a calendar year. ARR assumes customary weather, production, expenses and other economic and market conditions, as well as seasonality.
Slide 9: Historical Quarterly Revenue Distribution
Historical Quarterly Revenue Distribution Historical Seasonality Of Revenues 9 Q1 between 18%-20% of Revenues Q4 between 22%-26% of Revenues Q3 between 29%-31% of Revenues Q2 between 25%-29% of Revenues
Slide 10: 2024 Expected Financing Plan
2024 Expected Financing Plan 10 Sources of Financing for New Builds 1 Tax equity available for new-build projects 2 Cash, cash equivalents and restricted cash as of March 31, 2024 $204 million quarter-end Cash Balance2 $168 million of capacity on Blackstone Construction Facility $115 million of capa
Slide 11: Appendix
a ALTUSPOWER RENEWABLE ENERGY Appendix an)
Slide 12: Portfolio Statistics as of March 31, 2024
Portfolio Statistics as of March 31, 2024 12 Fixed 28% Fixed with Escalator 18% Variable 54% Breakdown of Contract Type (MWs)1 86 137 139 94 137 262 239 142 210 1Q 2Q 3Q 4Q Kilowatt-Hours (in millions) 2022 2023 2024 1 Percentages shown are approximations 362 369 377 470 678 698 721 896 981 1Q22 2Q2
Slide 13: First Quarter Financials
13 First Quarter Financials 1Q 2024 Operating Revenues $40.7 Million 1Q 2024 Adjusted EBITDA1 $19.7 Million 1Q 2024 Adjusted EBITDA Margin1 48 Percent 1 Adjusted EBITDA is a non-GAAP financial measure Please see the Appendix for a reconciliation to the most directly comparable GAAP measure 1Q 2024 N
Slide 14: Non-GAAP Reconciliation
14 Non-GAAP Reconciliation 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures Adjusted EBITDA Margin1 Three Months Ended March 31, 2024 2023 (in thousands) Reconciliation of Adjusted EBITDA margin: Adjusted EBITDA $ 19,717 $ 16,040 Operating revenues, net $ 40,659 $ 29,378
Slide 15: Balance Sheet
15 Balance Sheet Condensed Consolidated Balance Sheet (In thousands, except share and per share data) As of March 31, 2024 As of December 31, 2023 Assets Current assets: Cash and cash equivalents $ 173,266 $ 160,817 Current portion of restricted cash 17,622 45,358 Accounts receivable, net 20,057 17,
Slide 16: Statement of Operations
16 Statement of Operations Condensed Consolidated Statement of Operations (In thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Operating revenues, net $ 40,659 $ 29,378 Operating expenses Cost of operations (exclusive of depreciation and amortization shown separatel
Slide 17: Non-GAAP Definitions
Non-GAAP Definitions 17 We define adjusted EBITDA as net income plus net interest expense, depreciation, amortization and accretion expense, income tax expense or benefit, acquisition and entity formation costs, stock-based compensation expense, and excluding the effect of certain non-recurring item
Slide 18: Adjusted EBITDA Definitions
Adjusted EBITDA Definitions 18 Interest Expense, Net. Interest expense, net represents interest on our borrowings under our various debt facilities, amortization of debt discounts and deferred financing costs, and unrealized gains and losses on interest rate swaps. Depreciation, Amortization and Acc
Slide 19: Contact Info
contact info W: altuspower.com P: (203) 698-0090